Ordinance - 1934•
ORDINANCE NO. 1934
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA, CALIFORNIA, APPROVING THE FORM AND AUTHORIZING THE
EXECUTION OF AN INSTALLMENT SALE AGREEMENT BETWEEN THE CITY
AND THE WEST COVINA PUBLIC FINANCING AUTHORITY, AND
APPROVING RELATED DOCUMENTS AND ACTIONS
WHEREAS, the City Council of the City of West Covina (the "City")
has authorized the execution and delivery of that certain Joint
Exercise of Powers Agreement dated as of July 1, 1990, by and between
the City and the Redevelopment Agency of the City of West Covina for
the purpose of establishing the West Covina Public Financing Authority
(the "Authority"), and the Authority .is authorized under said
Agreement to refinance the acquisition and construction of public
capital improvements for the City; and
WHEREAS, the City wishes to raise the monies necessary for
refinancing of certain facilities used in the water supply enterprise
of the City as more fully described in the Installment Sale Agreement
hereinafter described (the "Water Facilities"); and
WHEREAS, to refinance such Facilities the Authority proposes at
this time to issue its West Covina Public Financing Authority Water
Revenue Refunding Bonds (Water System Capital Improvements Project),
Series 1994 in an aggregate principal amount of not to exceed
$7,750,000 (the "Bonds"), the proceeds of which are to be applied to
pay the costs of refinancing the water Facilities; and
WHEREAS, in order to provide revenues to enable the Authority to
make payments of principal and interest on the Bonds, the City
proposes to repurchase the Water Facilities from the Authority
pursuant to the Installment Sale Agreement dated as of May 1, 1994,
by and between the Authority as seller and the City as purchaser (the
"Installment Sale Agreement"); and
WHEREAS, the City is required by Article 9 of Chapter 5 of Part
1 of Division 2 of the California Government Code (commencing with
Section 54240 of said Code) to approve the Installment Sale Agreement
by ordinance which is subject to referendum;
NOW, THEREFORE, THE COUNCIL OF THE CITY OF WEST COVINA DOES
ORDAIN AS FOLLOWS:
Section 1. Findings and Determinations. The City Council of the
City of West Covina hereby finds and determines that it is for the
common benefit of the City and its residents and is necessary and
proper for municipal purposes that the City enter into the Installment
Sale Agreement with the Authority.
Section 2. Approval of Installment Sale Agreement. The City
Council hereby authorizes the purchase by, the City from the Authority
of the Water Facilities pursuant to and in accordance with the terms
of the Installment Sale Agreement. The City Council hereby approves,
and authorizes and directs the Mayor to execute and the City Clerk to
attest and affix the seal of the City to, the Installment Salle
Agreement in substantially the form thereof on file with the City
Clerk, together with any changes as may be approved by' the City
Manager upon consultation with the City Attorney and which do not
materially affect the substance or materially increase the obligations
of the City. The schedule of installment payments set forth in the
Installment Sale Agreement shall be completed as required to cause the
same to conform to the schedule of principal and interest coming due
and payable on the Bonds.
Section 3. Official Actions. The Mayor, the City Manager, the
Assistant City Manager, the Public Works Director, the City Clerk, the
City Treasurer, the City Attorney and any and all other officers of
the City are each authorized and directed in the name and on behalf
of the City to make any and all assignments, certificates,
requisitions, agreements, notices, consents, instruments of
conveyance, warrants and other documents, which they or any of them
might deem necessary or appropriate in order to consummate the lawful
execution and delivery of the Installment Sale Agreement by the City.
•
•
Whenever in this Ordinance any officer of the City is authorized to
execute or countersign any document or take any action, such
execution, countersigning or action may be taken on behalf of such
officer by any person designated by such officer to act on his or her
behalf in the case such officer shall be absent or unavailable.
Section 4. Effective Date of Ordinance. This Ordinance shall
be published and posted in the manner specified in Section 54242 of
the California Government Code, and shall become effective thirty (30)
days from and after the date of its final passage. This Ordinance
shall be subject to referendum pursuant to and as provided in
Section 54241 of the California Government Code and the laws of the
State of California.
Section 5. Certification of Ordinance. The City Clerk shall
certify to the adoption of this Ordinance and shall cause the same to
be published as required by law.
APPROVED AND ADOPTED this i6b day of April, 1994.
ATTEST:
By
�
I'HEREBY CERTIFY that the foregoing Ordinance No. 1934 was duly
introduced at a meeting of the City Council of the City of West Covina
at a regular meeting thereof held on the 5th day of April, 1994, and
adopted by the City Council of the City of West Covina, at a regular
meeting thereof held on the 19th day of April, 1994, by the following
vote:
AYES: Herfert, McFadden, Wong; Jennings
NOES: None
ABSENT: Manners
ABSTAIN: None
REFIWATE.AGE
By
City C
SENT BY:SEIDLER-FITZGERALD ; 3-31-94 ;11:24AM ;
PUBLIC FINANCE- 8188148477;# 2/ 2
WEST COVINA PFA
1990 WATER REVENUE BONDS
REFUNDING
SAVINGS REPORT
- PROPOSED DEBT SERVICE - - - - - - - - PRIOR
DATE PRINCIPAL COUPON INTEREST TOTAL D/S
CUMULATIVE
SAVINGS SAVINGS
9/
1/94
260,000.00
3.100000
115,619.17
275,619.17
444,407,50
60,960.33
68,968,33
1/95
275,000-00
3.500000
339,797.50
613,797.50
690,220.00
66.422.50
13SI290-83
1/96
285,000-00
4.000000
329,172-50
614,172.50
680,257,50
41 085.00
201,375.83
91
1/97
295,000.00
4.500000
317,772.50
612,772,50
679,057.50
66,2B5.00
267,660.83
9/
1/98
305,000,00
4.750000
304,497.50
609,497.50
616,590.00
67,092.50
334,753.33
9/
1/99
320,000,00
5.000000
290,010.00
610,010.00
677,960.00
67,950,00
402,703,33
9/
1/ 0
335,000.00
5.100000
274,010.00
609,010.00
977,660.00
62,650.00
471,353.33
9/
1/ 1
355,000.00
5-200000
256,925,00
611,92$.00
680,650.00
68,725.00
540,079,33
9/
1/ 2
370,000.00
5,300000
238,465.00
600,465-00
676,530.00
68,065.00
609,143.33
9/
1/ 3
390,000.00
5.400000
218,955.00
608,855.00
675,615,00
66,760.00
674,903.33
9/
1/ 4
415,000.00
5.5000o0
197,795.00
612,795.00
677,685,00
64,990.00
739,793.33
9/
1/ 5
435,000.00
5.600000
174,970,00
609,970.00
677,447.50
67,477,50
8071270.83
9/
1/ 6
465,000.00
5,700000
150,610.00
615,610.00
679,807.50
64,277.5o
071,549.33
9/
1/ 7
490,000.00
5,750000
124,105.00
614,105.00
679,500.00
65,395.00
136,943,33
9/
1/ 8
,515,000.00
5.900000
95,930.00
610,930.00
676,250.00
65,320.00
1,002,263.33
9/ 1/ 9 540,000,00 5.900000 66,060-00 606,060.00 670,375.00
9/ 1/10 570,000.00 6.000000 24,200.00 604,200.00 671,075,00
61620,000.00 3,527,774,17 10,147,794.17 11,282,047,SO
ACCRUED 9,634.93 9,634.93
6,6Po,0oo.00 3,518,159.24 10,139,159-24 11,202,047.50
aamO�SRSS=Se=x' IIR 6:SSCC=C==»,q===aSz... mx"_•
Dated 5/ 1/94 with Delivery of 5/11/94
80n4 Years 63,036.667
Average Coupon 5.596416
Average Life 9/522155
N I C X 5.596416 X Using 100.0000000
T I C X 5.804082 X From Delivery Date
Bond Insurance:
0,440000 X of (Total Debt SOTViCe Only) - 44,650.29
64,315.00 1,066,570.33
67.675.00 1,134,2.53.33
1,134,253.32
9,634.93
1,143,888.26
ar=sxass=4sces
Net Present Value Savings at. 5.650OX Equals 764,146.79 or 11.54301; of Par of the Current Issue
or 11.83RIX of Pat of the Prior Issue
RUNDATE: 03-31-1994 P 09:32.06 FILENAME: uCOVINA KEY: 90REV-SIIE1
NEST COVINA PFA
1990 RATER REVENUE OUND9
REFUNDING
SSL333333333333333333333333�3�3=3=3=�� «==;�=3�=X
5 0 U R C E S AND USES OF FUNDS
C3tt �==Tnsm nsz__G_en =7==_=======:!
DELIVERY DATE: 5/11/94
Saurcer of Funds
=a=r=a aaaaa=cars
PAR AMOUNT OF BONDS ............ ....... $6,620,000.00
tPREMIUM /-DISCOUNT ................... $0.00
BONO PROCEEDS ........................................... 61620,000.00
ACCRUED INTEREST ........................................ 9,634.93
PRIOR RESERVE FUND....... 603,500.00
-------------------
47,313,134.93
Use£ of Funds
saaaarausrsac
ESCROW REQUIREMENT......• 7,063,972.17
Undo Waiters Dimount (% oT 1)..........( 1.000000%)... 66,200.00
Cast of Issuance ................... 100,000.00
DEBT SERVICE RESERVE - SURETY BOND ............... ...... 27,266-60
BOND INSURANCE - AMBAC........... ......( 0 4400009).•. 44,650-29
ACCRUED INTEREST— ............ 9,634.91
CONTINGENCY ............................................. 1,410 94
$7,313,134.13
RUNDATE: 03-31-1994 to 09:29:23 FILENAME. NCOVINA KEY: 90REV-SIZE1
0
CERTIFICATION
I, JANET BERRY, Deputy City Clerk of the City of West Covina, State
Of California, do hereby certify that a true and accurate copy of
Ordinance No. was published, pursuant to law, in the San
Gabriel Valley Tribune, a newspaper of general circulation
published and circulated in the City of West Covina.
ftnet Berry, City Clerk
ity of West Covina, California
DATED.: C(
4
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